NEW YORK Goldman Sachs Group Inc. (GS.N) has hired former U.S. Trust Chief Executive Peter Scaturro as global head of its private wealth management business, the investment bank said in an internal memo on Monday.
Scaturro, who is 47, left New York-based private wealth manager U.S. Trust before it was acquired by Bank of America Corp. (BAC.N) from its parent, Charles Schwab Corp. SCHW.O, on July 1. Scaturro in 2004 was forced out of Citigroup Inc. (C.N) after regulators forced the shutdown of its private bank in Japan.
Scaturro assumed the top job at U.S. Trust in 2005. Prior to joining Citigroup, he was a partner at Bankers Trust.
Goldman, the world's largest investment bank by market value, is also one of the fastest-growing money managers that is expanding its reach among wealthy individuals. In less than six years, private wealth management client assets have almost doubled.
Goldman hopes Scaturro, who once ran Citi's 98 private bank offices in 38 countries, can lead the continued expansion of its private banking. Goldman has 20 private wealth management offices worldwide but does not disclose client assets.
"We are expanding our global footprint, increasing client coverage and opening new offices in a number of key locations," Kraus said in the memo. Scaturro's "extensive experience will help us to continue the robust growth of our global business."